AndeanGold Reports Additional Positive Assay Results, Urumalqui Au-Ag Project, Peru
May 24 2011 - 9:00AM
Marketwired
AndeanGold Ltd. ("the Company" or "AndeanGold") (TSX VENTURE: AAU)
is pleased to announce that it has received the assay results for
the second set of three drill holes from the Phase I infill
drilling program (the "Program") at its advanced-stage Au-Ag
Urumalqui exploration project (the "Project") in Peru. The planned
Program comprises up to 23 diamond core holes and 3,000 to 4,000
metres of drilling on the Urumalqui Epithermal Vein (the "Vein").
To date, 17 holes have been completed for 2,960 metres. Core
samples for the first 12 completed holes have been shipped to the
Inspectorate Lab in Lima for assaying.
The assay results for the second set of three drill holes, which
are vertically aligned in the central portion of the 1,000 metre
strike length being drilled in the Program, are, as follows:
DRILL HOLE PGUR #06 (VEIN INTERSECT - 57.9 METRES BELOW SURFACE)
---------------------------------------------------------------------------
TRUE
FROM TO INTERVAL WIDTH AU AG AG EQUIVALENT
(metres) (metres) (metres) (metres) (g/t) (g/t) (g/t) (oz/t)
----------------------------------------------------------------------------
80.35 86.1 5.75 4.50 2.03 142.83 244.33 7.86
INCLUDING
-----------
80.85 84.45 3.60 2.81 2.94 172.21 319.21 10.26
----------------------------------------------------------------------------
DRILL HOLE PGUR #07 (VEIN INTERSECTED - 102.7 METRES BELOW SURFACE)
----------------------------------------------------------------------------
TRUE
FROM TO INTERVAL WIDTH AU AG AG EQUIVALENT
(metres) (metres) (metres) (metres) (g/t) (g/t) (g/t) (oz/t)
----------------------------------------------------------------------------
133.60 137.70 4.10 3.11 0.44 80.57 102.57 3.30
INCLUDING
-----------
133.60 135.60 2.00 1.52 0.78 110.50 149.50 4.81
----------------------------------------------------------------------------
DRILL HOLE PGUR #08 (VEIN INTERSECTED - 138.8 METRES BELOW SURFACE)
----------------------------------------------------------------------------
TRUE
FROM TO INTERVAL WIDTH AU AG AG EQUIVALENT
(metres) (metres) (metres) (metres) (g/t) (g/t) (g/t) (oz/t)
----------------------------------------------------------------------------
155.70 160.81 5.11 3.09 2.38 228.09 347.09 11.16
INCLUDING
-----------
157.70 160.81 3.11 1.88 3.82 274.68 465.68 14.97
----------------------------------------------------------------------------
AG EQUIVALENT - Based on a silver to gold ratio of 50:1 and assuming 100%
metallurgical recoveries.
oz/t: Troy ounces per metric tonne.
The three new holes were drilled approximately 100 metres to the
west of the first three holes drilled in the Program (See news
release of March 13, 2011). Including Gitennes Exploration Inc.'s
three sets, each, of three vertically aligned historical holes,
drilled to the west, east and between AndeanGold's six reported
drill holes in the Program, approximately 200 metres of the 1,000
metre Vein strike being tested have now been infilled at
approximately 50 metre spacings. (To see the Urumalqui Vein
Longitudinal Section, please visit the following link:
http://media3.marketwire.com/docs/aau524i.pdf)
Mr. Anthony F. Ciali, President & CEO of AndeanGold states,
"We are very pleased with the continuing positive assay results to
date, as well as the comparability of the Company's and Gitennes'
assay results, from the Phase I infill drilling program at the
Urumalqui Project. A 0.30 metre true width interval in hole PGUR #
08 returned 17.40 g/t Au, which is the highest Au assay ever
reported from any drilling program at the Project. Overall, the
drilling performance is in line with the Company's expectations,
and the Program continues to proceed on schedule."
All of the 17 completed holes have intersected the Urumalqui
Vein as predicted in cross sections prepared by the Company,
providing initial support for the continuity of mineralization
along the strike and down dip. To date, the contract driller,
Explomin de Peru S.A.C. has achieved an average daily drilling rate
of 84 metres, and core recoveries per hole have averaged 94% within
the Vein and 97% for the entire hole.
The Program is focused on infill drilling to a depth of 200
meters so as to provide a drill spacing of approximately 50 metres
along the central and southeastern segments of the Urumalqui Vein,
which cover 1.0 kilometre of the 1.5 kilometre long Urumalqui Vein
outcrop where the majority of the Project's historical drilling
programs were concentrated. This level of drilling density should
be sufficient for the preparation of a NI 43-101 resource estimate,
which the Company plans to commission upon completion, and subject
to the results, of the Program.
Quality Assurance / Quality Control:
AndeanGold has in place a detailed QA/QC program consistent with
Canadian Securities Administrators National Instrument 43-101 and
using best industry practices. The program includes chain of
custody of samples; standards and blanks submitted to the
independent Inspectorate Lab in Lima Peru with each batch of
samples, and a check assay program on a proportion of sample pulps
with a second independent laboratory. The results of the QA/QC
program to date have been satisfactory.
Dr. William F. Lindqvist, a director of the Company, is the
Qualified Person in compliance with National Instrument 43-101 with
respect to this release.
About AndeanGold Ltd:
AndeanGold Ltd. is engaged in the acquisition, exploration and
potential development of primarily precious metals properties,
principally in Peru and Ecuador. The focus of the Company's
exploration activities is presently in advancing its Urumalqui
Project, as well as pursuing mineral property acquisitions, in
Peru. In Ecuador, the Company's activities have been limited to
administrative and legal matters due to the Mining Mandate issued
by the Ecuador Constituent Assembly on April 18, 2008. In November
2009, President Correa signed the Mining Regulations into law
pursuant to the requirements of the new Mines Law, which was passed
in January 2009. This was the final legal precursor to the
re-initiation of exploration and mining development in Ecuador. The
Company has been issued new mining titles under the new Mines law
to its three key Ecuadorian projects and has filed the requisite
documents with the Ministry of Non-Renewable Natural Resources and
Ministry of Environment in support of the Company's request to
renew exploration programs on its key projects in Ecuador. The
Company is actively working with government officials to achieve
this end.
Please refer to AndeanGold's website at www.andeangoldltd.com
for further information on the Company's projects and
activities.
On Behalf of the Board of Directors of ANDEANGOLD LTD.
Anthony F. Ciali, President, CEO and Director
Neither the TSX Venture Exchange nor its Regulation Services
Provider (as that term is defined in the policies of the TSX
Venture Exchange) accepts responsibility for the adequacy or
accuracy of this release.
Contacts: AndeanGold Ltd. Tony Ciali President, CEO and Director
732.940.5487 tciali@andeangoldltd.com www.andeangoldltd.com Ascenta
Capital Partners Inc. Jim Glass Investor Relations 604.684.4743
ext. 225 or Toll free: 1.866.684.4743 ext. 225
jim@ascentacapital.com
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